New warning on oil: Goldman Sachs says crude prices could cross $120
Goldman Sachs has warned that Brent crude oil prices could exceed $120 per barrel if geopolitical tensions in the Middle East continue to disrupt shipping in the Strait of Hormuz. While the bank's base-case forecast remains lower, it notes that risks to the upside are significant due to supply chain vulnerabilities.
Why it matters
Rising oil prices have global economic implications, potentially fueling inflation and impacting energy costs for consumers and businesses worldwide.
Are Brent crude oil prices set to cross $120 per barrel again? According to Goldman Sachs Group Brent crude prices could climb above $120 a barrel in the fourth quarter if disruptions in the Strait of Hormuz continue. However, the investment bank said this is not its central forecast.Global energy markets have experienced significant volatility this month, with Brent crude climbing above $91 a barrel amid renewed hostilities between the US and Iran. Market sentiment has also been affected by threats from Iran-backed Houthi rebels in Yemen to impose a blockade on Saudi shipments.
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